1. Tell me would you describe yourself as a responsible person and employee?
Talk about experience doing tasks which required responsibility, such as problem solving, research, and tracking documentation problems and discrepancies.
2. Tell me how have you monitored the performance of your team?
In your answer discuss how you have set up effective procedures for information collection and review. Describe how you monitor projects and check the progress of delegated tasks.
3. Explain how Do You Minimize the Risk for Errors in Your Work?
As an accountant, you'll be held to a very high standard of excellence, especially since even the smallest errors can lead to big financial issues. In response to this question, it's important to discuss the importance of checking your work several times and establishing a system of checks and balances. It also helps to give an example of a time that you caught an error through double checking or another method.
4. Please tell me are you computer literate?
Specify computer applications you are proficient with (Microsoft Office, Adobe, PowerPoint, Linux, Notepad), specific experience working in a computerized environment, and any projects you might have done using computers (presentations, etc.). Typing speed is also relevant.
5. Explain why Do You Want to Be an Accountant?
This fairly standard interview question is a typical warm-up, since it's an opening that breaks the ice and allows the hiring manager to get to know you better. That doesn't mean, however, that it's a throwaway question. You should answer thoughtfully by giving examples of things that happened in your life that led you to the accounting field. Were you the fifth grade class treasurer? Did you save for months to buy your first car? Whatever the scenario, give the interviewer some background about yourself and your studies.
6. Explain me a time that you had to present financial data to non-financial staff?
In your answer demonstrate your ability to clearly and effectively give information to individuals or a group, how you are able to adjust your communication style to suit your audience and simplify complex information to enable understanding.
7. Tell me how did you gain important expertise in the field of accounting?
I recently graduated with a bachelor's degree in financial services. While I haven't been able to put my technical knowledge to use yet, I was able to gain some expertise in accounting through the related coursework I had to take. I also have my Certified Bookkeeper designation from the American Institute of Professional Bookkeepers. This certification gave me knowledge about overseeing payroll and balancing accounts in a way that is honest and acceptable according to the different regulations set up by state and federal laws.
8. Tell us what were your responsibilities at your previous job?
My responsibilities included management of accounts receivables; customer statements, customer payments/collections, invoicing and reconciliations; accounts payables which included vendor statements, vendor bills, payments and reconciliations as well as credit management. In addition, I performed other clerical work such as mail handling, filing, organizing accounts, scheduling and MIS data maintenance.
9. Explain me what is Contingent Liabilities?
Contingent liability is an obligation, relating to a past transaction or other event or condition, that may arise in consequence, as a future event now deemed possible but not probable. Thus such liabilities as may arise in future are called contingent liabilities. For example: guarantee to a bank for loan advanced to a third party, possible penalties, fines and penalties payable to the government or income tax authorities etc. Future losses from natural calamities are not contingent liabilities. They are not recorded in books of account. They do not appear on the liabilities side of the balance sheet. They are shown by way of a footnote at the bottom of the balance sheet.
10. What do you know about the organisation?
One of the best interview tips is to ensure you have a good understanding of the organisation and its products and services and be able to relay this clearly and authoritatively. There is no need to be an expert at this stage but you should be able to talk confidently about the history of the organisation as well as its place in the market and key people.
11. Explain what is the difference between Cash discount and Trade discount?
☛ Cash discount is an allowance made by retailers to the customers for prompt payment. On the other hand, trade discount is an allowance made by the wholesaler dealer to retailers off the catalogue or invoice price. This allowance is made between purchasers and sellers engaged in the same class of trade.
☛ Cash discount is always allowed or received when payment is made. Trade discount enables the retailers to sell the products to customers at catalogue or price list issued by the wholesaler.
☛ Cash discount is an allowance in addition to the trade discount made by the seller to the buyer.
☛ Cash discount is recorded in account books while trade discount is not shown separately.
☛ The main purpose of allowing trade discount is to enable the retailers to sell the goods at list price while the purpose of providing cash discount is prompt payment by the debtor to the creditor.
12. Explain how have you managed potential payment problems with your customers?
In your answer show how you are able to identify key issues and detect problems from relevant information, include your ability to break down and organize information to recognize cause and effect relationships.
13. Tell us what attracts you to this role?
Focus on how specific elements of the role relate to your own skills and experience in order to highlight your strength as a candidate. Also, be sure to cover how the role aligns to your personal and professional development ambitions.
14. Do you know the errors which affect Trial Balance and errors which do not affect Trial Balance?
Errors which affect the agreement of trial balance:
☛ Wrong totaling of subsidiary books.
☛ Posting on the wrong side of an account
☛ Omission of posting an amount in the ledger
☛ Posting of wrong amount
☛ Error in balancing
Errors which do not affect the agreement of trial balance:
☛ Error of Principle
☛ Errors of Omission
☛ Errors of Commission
☛ Recording of wrong amount in the books of prime entry or subsidiary books.
☛ Compensating Errors.
15. Tell us what bookkeeping software are you comfortable using?
In my career, I have had to use a few different bookkeeping software and programs, such as FreshBooks, Kashoo and QuickBooks. I strive to familiarize myself with new software through workshops offered at the local library and universities. I may not gain all of the skills needed to use these programs as a professional, but getting an introduction helps me easily pick up new software as needed. I also find these introductory courses make it easier to learn about new software on the go. I am a quick learner and very comfortable with computers, so I feel confident saying I will be able to work with the bookkeeping software your company uses after a short learning period.
16. Introduce yourself please. What are your general qualifications for the job?
Review your employment experience. Try mentioning qualifications which are probably the most vital: numeric agility, ability to use computers and calculators, typing skills, ability to maintain files and records with impeccable attention to detail, etc. Mentioning people skills can also help, even if you think the job will be all backroom.
17. Tell us what is your ideal role?
Avoid the temptation to say “this one”, but adopt the interview tactic of tailoring your answer so that it reflects, to some extent, the role in question. In general terms, you can talk about the need to be challenged, to make a tangible contribution, to try new things, to have the opportunity to fully exploit your skills, and grow yourself professionally.
18. Explain me about time when you reduced costs for a previous employer?
Accountants working for companies have several duties. They track expenditures, keep records, prepare taxes, and generate financial reports. However, they also have another responsibility--reduce costs whenever and wherever they can. In fact, some corporations hiring "cost accountants" whose entire professional existence is dedicated to analyzing, tracking and reducing costs--as well as maximizing savings.
Even if you're not hired as a cost accountant per se, all good accountants are expected to reduce costs and minimize expenses for their employers. We recommend that anyone interviewing for an accounting position have at least one example of where they've been able to use their skill or expertise to reduce costs. If you're recent college grad, find a situation as an intern, part-time employee, or member of an academic case study where you were able to help reduce costs.
☛ Cheques deposited into the bank but not yet collected and credited.
☛ Cheques issued but not yet presented for payment.
☛ Bank Charges.
☛ Amount collected or credited by bank on standing instructions.
☛ Amount paid or debited by the bank on standing instructions.
☛ Interest credited by bank.
☛ Interest debited by bank on overdraft.
☛ Direct payment by customers into the bank account.
☛ Dishonour of cheques or bills.
☛ Errors in recording of transactions by either the firm or the bank.
20. Explain Trial Balance. What are the main characteristics and uses of a trial balance?
Trial balance is a list of all balances standing on the ledger accounts of a firm at any given time.
Following are the main characteristics of a trial balance.
☛ It is a statement prepared in a tabular form.
☛ It has two columns: one for debit balances and another for credit balances.
☛ Closing balances as shown by ledger accounts are shown in the statement.
☛ It is not an account but only a statement of balances.
☛ It is prepared on the basis of balanced accounts.
☛ It is a method of verifying the arithmetical accuracy of entries made in the ledger.
☛ It helps in preparation of Trading account, Profit & Loss account and Balance Sheet at the end of the period which exhibit the financial position of the firm.
21. Would you be comfortable communicating with vendors and clients?
For many accountants, being personable is not their number one trait. While I may not have won any awards for my amiability, I am able to communicate very well. I think it is important to be friendly, but it is more important to have the ability to clearly articulate your thoughts. If I was tasked with communicating with either vendors or clients, I would be able to explain reports, give presentations and write clear messages.
22. Explain me what is your proudest accomplishment?
It is important to have at least one example to hand that allows you to present how you applied your skills to achieve something that is particularly relevant to an Accounts Assistant role. Improvements that led to a tangible success for your employing organisation are going to be of particular interest.
I had worked for ABC Company as an accounting assistant for the past two years. It is a well-established and highly reputable company and their business revolves around office furniture dealerships to providing furniture solutions to companies. I joined them as an accounting intern and then considering my passion in the work, I was offered a permanent position as the accounting assistant.
24. Explain me what has been the most significant decision you made at work this year?
In your answer discuss how you are able to determine an appropriate and effective course of action based on factual information, accurate assessment of organizational resources and consideration of the alternatives. Describe how you communicate your decision to others.
25. Tell me what is the difference between mercantile system and cash system of accounting?
In mercantile system, expenses are considered as expenses during the period to which they pertain. Similarly, incomes are considered to be incomes during the period to which they pertain. This system of accounting is considered to be more ideal. On the hand, in cash system, expenses are considered to be expenses only when they are paid for and the incomes are considered to be income when they are actually received. This system of accounting is mainly used by the organizations established not for earning the profits.
26. Tell us what items are included in Profit and Loss account?
☛ Salaries
☛ Rent
☛ Rates and Taxes
☛ Interest
☛ Commission
☛ Trade Expenses
☛ Printing and Stationery
☛ Advertisement
☛ Carriage out, freight out, carriage out
☛ Repairs
☛ Travelling expenses
☛ Samples
☛ Depreciation
☛ Apprentice premium
☛ Life insurance premium
☛ Insurance premium
☛ Income tax
☛ Interest on capital and drawings
☛ Loss or gain on asset sold
☛ Discount received and allowed
☛ Trade discount
27. Tell me what do you do to avoid making errors?
As an accounting clerk, I rely on my attention to detail to help me avoid making errors. Of course no one is perfect, so I can't catch every error out there. At my last job we used a series of peer reviews to ensure important documents were as accurate as possible. I always take the time to pay attention to the details and double-check my work before sending in the final reports to the archives. I find I can best avoid making errors by double-checking the work I am doing as I enter data into the balance sheets. I also stay up to date on IRS forms and publications to ensure I am following the most recent guidelines and regulations. In my opinion there is no point in creating an error-free document if it is done according to out-of-date guidelines.
28. Explain me what is your least favourite aspect of being an accounts assistant?
The risk here is to sound negative, and interview guides always recommend avoiding this, so focus on the positive without being glib. Highlight an area that you know to be commonly unpopular and discuss how you handle that so it does not impact on your performance.
29. Explain your experience with applying accounting principles?
Demonstrates accounting skills.
30. Behavioral Assistant Accountant Job Interview Questions:
☛ Why did you choose to apply for this position? What do you aspire to gain?
☛ Are you more comfortable communicating by email, phone or in-person? Why?
☛ Describe a time when you successfully worked on a team project. What was your role?
☛ How do you handle complaints?
31. Operational and Situational Assistant Accountant Job Interview Questions:
☛ If you were failing to meet a deadline, what would you tell your manager?
☛ What are two to three things you would like to tell or ask a client on your first contact with them?
☛ We would like to create a demo for new clients. What do you think we should include? How would you make the demo more engaging?
☛ How would you measure client satisfaction?
32. Role-specific Assistant Accountant Job Interview Questions:
☛ Do you have experience using Salesforce? What other CRM software are you familiar with?
☛ What are the most effective online and offline channels to reach out to potential clients?
☛ How do you maintain relationships with existing customers?
☛ Are you familiar with our products/services? What do you think is our market? Who are our competitors?
33. Top 55 Assistant Accountant Job Interview Questions:
☛ 1. What are the different branches of accounting?
☛ 2. What is the difference between cost accounting, financial accounting and managerial accounting?
☛ 3. What is the difference between book keeping and accounting?
☛ 4. What are the important terms which are used in accounting?
☛ 5. What is personal account, real account and nominal account?
☛ 6. Explain dual aspect concept in accounting?
☛ 7. What is the difference between mercantile system and accrual system of accounting?
☛ 8. What are bills receivable and bills payable?
☛ 9. What are the accounting concepts? Explain each of them.
☛ 10. What are the accounting principles?
☛ 11. What is owner's equity? How will you calculate it?
☛ 12. What are the rules of Debit and Credit?
☛ 13. What do you understand by the term assets and liabilities?
☛ 14. What is double entry book keeping?
☛ 15. What is bank reconciliation statement? What are the steps to calculate it?
☛ 16. What is overhead in accounting terms?
☛ 17. What is the difference between cash flow and fund flow statements?
☛ 18. What is debit note and credit note? What is the difference between them?
☛ 19. What are the golden rules of accounting?
☛ 20. What is an adjusting journal entry?
☛ 21. What is deferred account?
☛ 22. Explain Accounting 101?
☛ 23. What are accounting entities?
☛ 24. What is the Provision? What is the Entry for Provision?
☛ 25. What is the Importance of accounting standards?
☛ 26. What are the functions of accounting?
☛ 27. What is Contingent Liabilities?
☛ 28. Why Accounting is important in business?
☛ 29. What are the four classifications of Bad and Doubtful Debts as per the context of the Bank?
☛ 30. What is an operative accounts?
☛ 31. What is the difference between Accounts and Finance?
☛ 32. What is FBT (Fringe Benefit Tax)?
☛ 33. What is the relationship between bookkeeping and accounting?
☛ 34. Why does the accounting equation have to balance?
☛ 35. What is the difference between accounting and bookkeeping?
☛ 36. What is accounting period?
☛ 37. What is an accounting loss?
☛ 38. What is an EA in accounting?
☛ 39. What is the software applications used for accounts receivable?
☛ 40. What is inventory management?
☛ 41. What do you mean by Working Capital?
☛ 42. Define "book value" as applied to accounting?
☛ 43. What are the basic assumptions in accounting?
☛ 44. What is accounting normalization?
☛ 45. What are the various items fall under balance sheet?
☛ 46. What is the difference between cash basis and accrual basis balance sheet?
☛ 47. How do you pass a journal entry for purchase order in books of account?
☛ 48. What do you understand by Contingent liability?
☛ 49. How to prepare funds flow statement?
☛ 50. What is gross profit margin?
☛ 51. What is accounting report?
☛ 52. What are the different kinds of MIS reports?
☛ 53. What is meant by appropriation?
☛ 54. What do you understand by inter company settlement?
☛ 55. What is the meaning of TDS? How it is charged?
34. Tell me what are the important terms used in balance sheet?
Assets:
☛ Current assets and fixed assets
☛ Tangible assets and Intangible assets
Equity is a claim which can be enforced against the assets of the firm in the court. Thus equity refers to a claim held by:
☛ An owner only,
☛ A creditor only,
☛ An owner and the creditor both.
Liability:
☛ Current Liability
☛ Long term Liability or fixed Liabilities
☛ Contingent Liabilities
35. Do you know what are the accounting concepts?
Accounting concepts are the basic assumptions on which the process of accounting is based.
Following are the accounting concepts:
☛ Business Entity Concept
☛ Dual Aspect Concept
☛ Going Concern Concept
☛ Accounting Period Concept
☛ Cost Concept
☛ Money Measurement Concept
☛ Matching Concept
